IF buyers indeed step in and bounce price higher from support, THEN we easily could see a short-term rally take price toward the underside of the falling 50 EMA at $47.00 per share.

Of course, IF buyers fail and sellers work their magic, THEN we could expect share prices to continue their descent toward $42.00 per share (which would be the alternate short-term thesis at the moment).

Let’s step inside the intraday chart to note the build-up of positive divergences and how to frame a trade:

Keeping the higher frame targets (such as the $44.30 level) in mind, note the build-up of positive momentum divergences into today’s session.

From there, we’re seeing at least an initial rally higher toward the underside of the falling trendline at $45.50.

Here’s the plan – carefully monitor the additional ascent toward the trendline and then consider buying a potential breakout beyond the $45.50 level to play toward $47.00 per share.

It’s a short-term trade, sure, but it will be interesting to see what happens next with this stock that’s happy to see a competitor take negative press/headlines for once.